Shares of Elon Musk's embattled carmaker Tesla slid over 13 percent Thursday morning after posting dismal second quarter results the night before.

The stock is hovering at around $324 at the time of writing, down over 15 percent over the last five days and about 28 percent year to date.

The company missed Wall Street expectations, despite its core automotive segment generating just over $20 billion in revenue, up 23 percent from a year ago. However, the company's gross profits dropped as operating expenses climbed far quicker than revenue, in large part thanks to AI-related capital expenses and other research and development — an intimately familiar refrain for the tech world in 2026.

Autos trade group Mobility Sweden said new vehicle registrations of Tesla models were down 80.7 percent in April amid a backlash against the political activity of CEO Elon Musk.

Tesla registrations were 203 in April, down from 1,052 a year before.

It was one of the worst-performing automakers for the month in the Nordic country, and sat in contrast to an overall 11 percent rise in new passenger vehicle registrations to 24,292.

Polestar Automotive, a Swedish electric automaker and one of Tesla's competitors, saw its sales hit 535 in April, an 11.5 percent increase.

Tesla has faced a similar slide in sales elsewhere in Europe as people protest against Musk, both peacefully and through violent attacks on Tesla property, and its aging fleet of electric vehicles comes under pressure from newer Chinese models.

• Cybercab production to start in 2026, to cost less than $30,000

• Operating cost to be 20 cents per mile over time

• Also showcased Robovan, Optimus humanoid robot

Elon Musk showcased a robotaxi with two gull-wing doors and no steering wheel or pedals at a splashy event on Thursday and added a robovan to the roster as Tesla's, opens new tab goal shifts from low-priced mass-market automaker to robotics manufacturer.

Musk reached the stage in a "Cybercab" which he said will go into production in 2026 and be priced less than $30,000. He said operation will cost 20 cents a mile over time and charging will be inductive, requiring no plugs.